Asian markets hit by US losses

ASIAN markets took a hit on Thursday after losses on Wall Street, while dealers were also put off by a warning from Germany's central bank that Europe's debt crisis could continue for a decade.

Gold slipped slightly as traders remained bearish on the precious metal, which suffered its heaviest loss in 30 years on Monday after disappointing Chinese economic growth data.

Tokyo fell 1.22 per cent, or 162.82 points, to 13,220.07, Seoul shed 1.24 per cent, or 23.78 points, to 1,900.06 and Sydney slipped 1.60 per cent, or 80.2 points, to 4,924.4.

Hong Kong lost 0.26 per cent, or 57.15 points, to end at 21,512.52 and Shanghai ended 0.17 per cent, or 3.80 points, higher at 2,197.60.

US markets suffered their second big fall in three days Wednesday, pulled down by a dive in Apple shares.

Apple fell 5.5 per cent to below $400 for the first time since late 2011 after one of its US suppliers slashed its profit guidance, which analysts said indicated slow iPhone and iPad sales.

Adding to the downbeat sentiment in New York was Bank of America's below-forecast earnings for the January-March quarter.

The Dow fell 0.94 per cent, the S&P 500 dropped 1.43 per cent and the Nasdaq lost 1.84 per cent.

On forex markets, the dollar was trading at 98.00 yen in afternoon trade, against 99.19 yen in New York late Wednesday.

The euro fetched $1.3048 and 127.90 yen, against $1.3033 and 127.97 yen.

In Europe, Jens Weidmann, head of Germany's Bundesbank and a member of the European Central Bank's council, said in an interview that the region's debt woes could last for another 10 years.

"Overcoming the crisis and the crisis effects will remain a challenge over the next decade," Weidmann told the Wall Street Journal.

Gold slipped to $1,383.00 an ounce at 0810 GMT, compared with $1,383.90 late Wednesday in Asia.

However, it was higher than the two-year lows around $1,340 seen on Monday, when it slumped 10 per cent -- its biggest fall since 1983.

It had also suffered a fall of around five per cent on Friday.

"The whole drama started last Friday with the start of the move in gold, and since then it's been like a contagion spreading across the markets," said Ker Chung Yang, investment analyst at Phillip Futures in Singapore.

Oil prices rebounded slightly, with New York's main contract, light sweet crude for delivery in May, up 11 cents at $US86.77 a barrel and Brent North Sea crude for June rising 18 cents to $US97.87.

In other markets:

-- Taipei fell 0.23 per cent, or 17.72 points, to 7,791.35.

Taiwan Semiconductor Manufacturing Co edged down 0.10 per cent to $Tw99.9 while leading smartphone maker HTC rose 3.68 per cent to $Tw282.0.